Tuesday, 30 September 2014
Last updated 1 hour ago
Nov 30 2012 | 8:43am ET
A former hedge fund executive acquitted of fraud charges is too late to recover about a half-million dollars in legal fees, a federal judge ruled.
Martin Garvey, accused of defrauding Lancer Group investors of more than $200 million last year, is stuck with the legal bill for his freedom, U.S. District Judge Kenneth Marra said. Garvey missed a deadline established by the Lancer receiver for preliminary claims.
"Garvey had failed to file a contingent proof of claim by the claims deadlines even though he knew before the claims bar date that he would incur legal fees," Marra ruled. "The claimants whom the district court has already determined to have allowable claims and who have already received distribution of assets, would be prejudiced if Garvey's untimely claim were allowed at this late stage."
Marra also rejected Garvey's claim to have been indemnified by Lancer's operating license. The judge said that the indemnity covered only Lancer manager Michael Lauer, who was acquitted alongside Garvey, who was a co-owner of the hedge fund.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...